E-Real Estate: What are the things you should consider in using Online Estate Agents
We talk a lot about Coronavirus and how it changed all the aspects of our lives for the foreseeable future. It made us adjust to a more strict and distant way of life and made us utilize the power of the internet to connect to our families, friends, classmates, students, and co-workers.
For Real Estate, the relationship between the seller and buyer were strained because the negotiations are now limited online. Online viewing is being promoted and live viewing of units is limited to accommodate the rules that the building management put in place to prevent Coronavirus spread.
Online Estate Agents already existed before the pandemic and the existence of COVID-19 made them more in-demand. They utilize the isolated connection between seller and buyer, accommodating both of their needs with limited resources.
Online Estate Agents are usually run by a website that helps sell properties without using a traditional high-street agent. They give the sellers more power in their properties which, in turn, requires them to do most of the work, “from taking photos and creating an advert to handling buyer inquiries, conducting viewings, and negotiating offers.” However, just like BedandGo, many online estate agents transition to a hybrid agency that has both online agents and traditional real estate agents to handle customer inquiries and negotiations.
Investing in real estate can be a very personal event that requires a personal approach. If you are thinking of investing in a property, here are some things to look forward to in Online Estate Agents.
1. Fixed Fees
Most Online Estate Agents have a prepared package with fixed fees that includes information and documents about the unit. Online estate agents tend to cost less than their high street counterparts. Aside from that, real estate agents provide skills, knowledge, and services that make their prices/fees higher than the market price.
2. Flexible Time and Responses
The internet is alive 24/7. It doesn’t stop and anyone can access it at any time. Online estate agents are able to respond to clients and clients can voice out their concerns at any time of the day. This gives the buyer a chance to see available properties at any given time. However, there is a 50% chance that you won’t get a response immediately. There are instances where it takes a few days for the seller to respond to inquiries, it will all depend on what time the seller or agent will be able to answer their messages.
3. Online Estate Agents don't have Local Knowledge
Going back to the meaning, online estate agents are usually run by websites which means they only provide information given by the seller. Unlike traditional estate agents, online estate agents only have the information provided in the listing. Face-to-face estate agents are able to meet the clients to discuss the concerns that they have. Real Estate Agents are able to respond to concerns with a more personal approach.
4. Negotiations Only Happen through the Internet
As mentioned before, investing in real estate can be a very personal thing and a very expensive event in one’s life, to have this negotiation through the phone may leave a feeling of detachment from the seller and the transaction. Aside from that, you have to make sure that the online estate agent you are interested in is reliable. Online negotiations may lead to a scam or fake transaction so make sure to do research and background check on the agent.
5. Lack of Professional Approach
With traditional estate agents, they professionally approach their clients, going through every process with their clients, from inquiry to the signing of documents. In online estate agents, there are instances that a lot of listings cannot be purchased because of a lack of all the necessary documents or broken licenses. Better make sure that the online estate agent or any agency for that matter, have a license to transact such a big purchase.
One of the important things to remember in investing is to have a trustworthy broker and agent that can help you get the property of your dreams at a reasonable price. In Real Estate, the job is not done once you get the key. From the key to the unit, the most important are the documents, so make sure that no matter what agent you will use, all the documents are legitimate and complete and the unit is up to your standards.